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Shapeshift - What is it, how it works,...

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What is it

ShapeShift is a medium of exchange that links your hardware and software wallets as against keeping your crypto holdings in store. It enables one to easily swap between different cryptocurrencies without reaching for the wallet. No charges are incurred outside the miner’s asides the small token for conversion services.

The real deal about this exchange is that one doesn’t need to open an account to get started, it only requires personal information and a means of identity from the user, thereby ensuring safety of funds to the investor. The exchange allows for smooth transformation of Bitcoin to Altcoin (BCT-ETH) and vice versa without buying or selling.


How it works

As stated earlier, no account is needed in this exchange, just put down your wallet address and the exchange will tell you the address to send your cryptocurrencies. 

Follow these basic steps in using ShapeShift:

  1. Visit https://shapeshift.io/#/coins.
  2. Select the altcoin you want to exchange.
  3. Select between ‘quick’ or ‘precise’ option, and if its quick, you will have to provide the receiving address, while the deposit address will be given by ShapeShift. You don’t need to tell the amount of altcoins you need, just deposit whatever comes to your mind you feel you are comfortable with, but if the option is precise, you will be sent the exact value of altcoins you requested. 
  4. Click on continue.
  5. If you selected ‘quick’ provide your destination address, and the address for refunds, and make sure you agree to the terms and conditions stated.
  6. If ‘precise’ was the option you selected, input the value of coins you want to send or receive, with the destination or refund address. If for example, you want to convert BTC to ETH, you would have to give your ETH address to ShapeShift which stands as your destination address. Second, you input your BTC address to the exchange which they would refund your desired altcoins to, after completing any transaction successfully. Then make sure you accept their terms and conditions before moving to the next step. At this level, you would be given a bitcoin deposit address by ShapeShift to deposit your funds. Please note that, you could be charged a transfer fee, and that amount will be added to your ShapeShift transaction fee. However, using a crypto wallet that is free of charges from the crypto investors handling the transaction will be an added advantage.
  7. When you click on the link start transaction your ETH will be sent to you by ShapeShift immediately and then you can now exchange cryptocurrencies fast and easy. As stated earlier, a token fee will be deducted from the exchange rate which is calculated on the basis of several parameters and is always the same. Another benefit of ShapeShift is that they don’t charge for 'slippage'.


Breakdown of fees at ShapeShift

BTC Bitcoin Miner Fee: 0.0025 BTC

ETH Ether Miner Fee: 0.001 ETH

BCH Bitcoin Cash Miner Fee: 0.0002 BCH

LTC Litecoin Miner Fee: 0.001 LTC


Benefits for users at ShapeShift

  • It enhances smooth exchange of cryptocurrencies
  • It’s quick and efficient to use
  • Privacy for the user
  • It prevents against hacking as most cryptocurrencies are saved online
  • Easy and beginner friendly interface
  • It has a mobile app for both Android and IOS devices


ShapeShift Lens

The ShapeShift Lens enables you to purchase anything you ordinarily will purchase with Bitcoin. If you have plans to participate in an upcoming ICO and you need altcoin, ETH, ShapeShift should be your desired destination. It has a lot of tokens and ICOs, which is also available for trading.

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